A docks or a wharfs is a structure that you can place on the water to protect your home or business from storms that threaten waterside structures. Most homes in the United Kingdom have a back yard that could be used as a wharf.
Homeowners can then add more property protection by installing a docks or wharfs. These structures help to prevent damage to your home or property during high winds. Furthermore, these structures can be valuable resources when it comes to drinking water and sanitation.
When looking for flood insurance, it is important to determine if your home or property meets the criteria for being considered a docks or wharfs.
Contents:
How much does flood insurance cost?
Flood insurance is free once your home is located within a major river or stream. However, there are some restrictions where the water is limited.
Most areas have a place to register your home, but it is not required. Once it is verified, you can receive flood insurance!
If your home does not meet the guidelines for being inside a river or stream, then you must pay more expensive but safer standard homeowner’s insurance.
Standard homeowner’s insurance does not cover anything outside of your house, only flood insurance does. There are no special discounts for having more than one home!
As with any policy, you should have a backup in case something happens and you do not have coverage.
Who should get flood insurance?
If you’re a homeowner, you should get flood insurance if you live in a high-risk area. Professional home owners typically recommend that homeowners with expensive properties or large residences get flood insurance.
Homeowners typically purchase their property via private mortgage insurance (PMI). This is the most common form of mortgage insurance, but it does not cover property located in high risk areas.
Private mortgage insurance is usually very expensive and only available during the seller’s pre-sale process with the lender. During this period, the seller has to provide very good documentation of previous home safety measures such as docks or a seawall.
Homeowners who have significant other liability may want to consider obtaining flood insurance. If your home is near a water source, then you may be at risk! Homeowners who have large properties may need to acquire additional flood insurance to cover their property.
What are the different types of flood insurance?
Flood insurance is a great way to protect your property from water damage. Many times, the addition of a flood insurance policy on your home or property can mean the difference between a dry house and one with water damage.
There are two main types of flood insurance: Flood and Structural. With Structural flood insurance, your home or property is insured against any structural damages such as collapsing structures or damaged roofs.
With Flood insurance, your home or property is insured against any amount of water damage.
Does flood insurance cover docks?
Most people believe that a dock or a dockside property is flood insurance covered territory. However, many do not realize that this is not the case for most people.
Most people do not realize that unless the property is specifically designated as a docks or dockside property by the Federal government, it still must be protected from flooding. This is true even if the property does not currently have any buildings on it and has only water for years before.
Since the federal government controls which properties are considered docks and which are considered landside, most people believe that if your home is in a Grand Rapids neighborhood with several boat shops, then you must be insured against high flood waters!
However, if a ruinous building were to collapse during an extreme floods, then your home would still be vulnerable to rising waters. This article will help you find out if your home is covered by flood insurance.
Can I raise my boat in a flooded area?
While many people think raising a boat is a simple matter of getting out of it, it is not that easy in some situations.
Relying on property values and flood insurance, many people purchase high value homes near waterways, or invest in land near water to put up a boat facility.
Many new homeowners do not have experience building with concrete and ft-lb of pressure required for construction. Furthermore, many new homeowners do not know what alterations and expansions mean when it comes to owning a boat facility.
It is recommended that new owners visit their vessel at least every week to take care of any maintenance needs, such as replacing batteries or giving the initiation system a test.
What are the flooding risks in my area?
While the number of homes and businesses in your area that are Flood Insurance-eligible is limited, there are ways to protect your home and business from flooding.
Most importantly, do not sit in water for long! If you have a water line or sump pump, make sure to have it serviced annually.
And if you do have a underground system, make sure it is protected. Many insurance companies will not cover a buried system that is compromised.
Second, do not put large items in your house or business unless you have enough space to adequately protect against flooding. It is very expensive to replace valuable property with something less valuable if the new thing does not protect well enough.
Third, if you live or work away from home, make sure to have an emergency preparedness plan with you.
How can I prepare for a flood?
Before a flood, you can do several things to protect your home and property. These include:
Building or improving your property’s defenses against storm flooding such as raised foundations, deep siding, and reinforced walls. You can also plant trees and other resilient plants.
Making sure your water system is equipped with the necessary supplies to handle heavy water inflow. A water damage mitigation policy can help cover this
Having a good quality food storage plan that includes enough fresh foods to keep you alive for at least a month, plus extras to help rise up the level of restorations should the situation arise. (I recommend doubling up on these items as opposed to tripleting because of the risk of double loss.)
Including enough non-perishable foods that you would have during an extended period of time (at least three months of food is recommended). This includes having enough for days when stores are out of inventory or people do not want to store food in containers because of safety concerns.
What if I rent my home?
If you are renting your home, you may not be covered by flood insurance if you have a dock. All states except Arkansas and Mississippi have limits on the size of a primary residence that it can be.
This rule applies to houses, apartments, and even some private residences. It limits the amount of land a person or company owns and is responsible for buying insurance on.
In order to be covered by insurance, your home must have a backup in case of flooding. If you have a dock, your insurance company may not cover it due to this rule.
It would cost them more to insure it than the home itself because of the additional coverage needed.